MOSCOW: Russian real estate database Cian, which raised more than $290 million in an initial public offering on Friday, is considering using the funds for mergers and acquisitions or to repay a loan, its chief executive told Reuters.

Cian's American Depositary Shares (ADS) began trading on the New York Stock Exchange on Friday and are set to start trading on the Moscow Exchange imminently. The listing price suggested a company valuation of $1.1 billion. Of the money raised via the IPO, around $228 million went to selling shareholders, leaving $65 million on hand for the company.

"We think these funds can be used for M&A," CEO Maxim Melnikov said. "We are not saying there is a specific deal. It is one of the ways to invest the funds."

In February, the company purchased the N1 Group, a real estate platform in major Russian cities such as Yekaterinburg, Novosibirsk and Omsk.

Melnikov said the funds would also be used to repay a small outstanding loan. At June 30, Cian had a loan balance of 542 million roubles ($7.62 million) under a credit facility agreement with Raiffeisenbank and Rosbank.

The company currently holds 810 million roubles in cash and cash equivalents, according to its IPO prospectus.